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Late Equity Roundup: Mildly Lower on Week

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Remains Above The 50-Day EMA

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SOUTH AFRICA
  • USD/ZAR trades -0.43% lower this morning, looking heavy as more positive risk sentiment filters through from the APAC session.
  • This follows hints from the PBoC that there may be more room for RRR cuts in Q1, supporting firmer equities in the Asia session.
  • The cross fell sharply yesterday on the back of lower UST yields and firmer commodities with PGMs rallying (XPT +4.21%) – boosting SA’s terms of trade. CPI data came in firmer than expected, bolstering expectations for more potential SARB hikes in 2022.
  • Telkom softening its stance on blocking the spectrum auction is a positive development, but it will need to give more ground before markets get too upbeat.
  • US jobless & Continuing claims are the main focus for the day, while a two-day NEC meeting kicks off on the local front.
  • USD/ZAR should continue to trade in line with global risk sentiment and UST yields, with the 100dma being retested again this morning following yesterday’s bearish engulfing candle pattern.
  • Next major support comes in at 15.09-14.90, with the 200dma rising at 14.80. Intraday Sup1: 15.2660, Sup2: 15.2120, Res1: 15.3914, Res2: 15.4435
  • Citi SA TOT


MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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